Sears is Close to Bankruptcy
With a debt payment of $134 million due next week, it seems bankruptcy is unavoidable for Sears. The retailer has been trying to restructure its debt by negotiating with creditors, but has been unable to reach an agreement.
If Sears proceeds with filing for bankruptcy, it would do so under Chapter 11 of the bankruptcy code, which is similar to Chapter 13 for consumers.
Sears still has 506 locations, plus 360 Kmart stores. However, declines in sales has been plaguing the company for years. Since 2011, there has been a drop in sales of more than 60% and $11 billion in loses.
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